Automotive Fuse Market,Size,Share,Application Report (2017 to 2025)
Added: (Thu Nov 22 2018)
Pressbox (Press Release) -
The automotive fuse market is estimated to grow at a CAGR of 6.84% from 2017 to 2025, to reach USD 24.33 billion by 2025. The OEMs are focusing on advancements in the vehicle safety and comfort features in the mid-segment vehicle to differentiate from the competitors. The Asia Oceania market is projected to witness significant growth in automotive fuse market during the forecast period. The market growth in the region can also be attributed to the presence of several Tier 1 suppliers and the largest passenger vehicle production and highest EV sales region which is the core market for the automotive fuse.
The automotive fuse manufacturers have adopted the strategies of new product development and geographical expansion to gain traction in the automotive fuse market. While new product development helps a company to have a technological advantage, expansion helps to formulate a better business strategy as it enables a strong global footprint. For example, Schurter developed a new thermal-sensitive fuse and named it as USN 1206. This new product would find its application in automotive electronics and battery protection. USN 1206 has the specifications such as 32 VDC rated voltage, 12 A rated current, and 170 A breaking capacity.
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Based on factors such as revenue generation, segmental revenue, regional footprint, and organic and inorganic strategies, the study estimates that - Eaton (Ireland), ON Semiconductor (US), Littelfuse, Inc. (US), Sensata Technologies, Inc. (US) and SCHURTER Holding AG (Switzerland) are top players in the automotive fuse market.
Eaton has a strong presence in the regions of North America and Latin America. It has been adopting multiple strategies such as new product development and expansion to strengthen its position in the automotive fuse market. Of these, new product development is the key strategy adopted by the company owing to its strong R&D capabilities. The company announced the release of the new Bussmann series electric vehicle fuses designed to provide higher circuit protection which improves the electric vehicle with higher performance and longer range. These fuses required up to 48% less space and weigh up to 50% less when compared with traditional high-speed fuses used for electric vehicles. In the year 2016, the company has announced the expansion of operations in two of its three plants located in Juarez, Chihuahua to produce fuses and transformers. The company has introduced a new product line of fuses, especially for the electric vehicles.
Littelfuse has strong R&D and production capacities. Strong presence in the developed markets of North America and Europe has made the company a formidable competitor in the global automotive fuse market. The company’s key strategies are mergers and acquisition and expansion to strengthen their foothold in the global automotive fuse market. Littelfuse has acquired the circuit protection business of TE Connectivity for USD 350 million in the year 2016. After the acquisition, Littelfuse has strengthened its core circuit protection business by adding new products and new markets from TE Connectivity. Apart from this, the company has announced the opening of 23,500 square-foot Technology Center in Mount Prospect, Illinois. This center would be responsible for the production of fuses and sensors for automotive, commercial, and electric vehicles.
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